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Market for Technology in Healthcare on a Global Scale

 


The revolutionary use of blockchain technology in data transactions, particularly in the financial sector, has taken the globe by storm. Its widespread success in several industries has boosted demand for this technology in the healthcare business, where it is expected to bring about revolutionary improvements.

The worldwide healthcare blockchain market is expected to grow at a 72.8 per cent CAGR from USD 53.9 million in 2018 to USD 829.0 million in 2023. Significant drivers driving the market's growth include the rising prevalence of healthcare data breaches, the issue of counterfeit medications, the growing usage of blockchain as a service (BaaS), and the transparency and immutability of distributed ledger technology. However, the unwillingness to share data and the lack of a centralized institution and a consistent set of standards are projected to limit the market's growth. The healthcare blockchain market has been categorized by application, end-user, and geography in this analysis.

 

Read More- Blockchain Technology- Benefits of Using This Technology!

 

During the projection period, the supply chain management sector is predicted to have the biggest market share by application.

The healthcare blockchain market is divided into clinical data interoperability and identity management, supply chain management, health insurance and fraud prevention, and other applications based on its many uses in healthcare. The supply chain management section of the global healthcare blockchain market had the greatest market share in 2017. Factors such as the rising quantity of counterfeit pharmaceuticals on the market and the implementation of severe laws such as the Drug Quality and Security Act (DQSA) in the United States and the Falsified Medicines Directive (FMD) in Europe are pushing blockchain use in supply chain management.

 

During the forecast period, pharmaceutical businesses are expected to have the biggest market share among end-user.

Pharmaceutical firms, healthcare providers, healthcare payers, and other end users are the main segments of the global healthcare blockchain industry. Pharmaceutical businesses held the greatest proportion of the healthcare blockchain market, while healthcare payers are predicted to grow at the fastest rate between 2018 and 2023. The growing demand for secure health information interchange between providers and payers, increased insurance fraud, expanding medical tourism, and the desire to improve healthcare organization's operational efficiency are all contributing to the growth of the healthcare payers’ market.

 

During the projected period, North America is expected to lead the market.

The greatest proportion of the global healthcare blockchain market was held by North America. The increasing prevalence of fraudulent activities in the healthcare sector, the rising demand to cut spiraling healthcare costs, and the growing need to safeguard medical data from tampering are all driving the expansion of the North American healthcare blockchain market.

From 2018 to 2023, the Asia Pacific area, on the other hand, is predicted to grow at the fastest rate. The growth of this regional segment is being driven by factors such as improving healthcare infrastructure, increasing adoption of EHR systems and other healthcare IT solutions, and increasing demand for health information exchange between different stakeholders in the healthcare industry as a result of rising medical tourism in this region, and the growing need to prevent counterfeit drugs from entering the supply chain.

 

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